Ellomay Capital Reports Receipt of Operation Permit by the Talasol Project

Rhea-AI Summary

Ellomay Capital Ltd. (NYSE: ELLO) announced that its Talasol Solar S.L. photovoltaic plant in Cáceres, Spain, has received the final start-up certificate, allowing it to commence operations. This authorization is crucial for the project, which has a peak capacity of 300 MW. Ellomay holds a 51% ownership stake in Talasol. CEO Ran Fridrich stated that the construction is nearly complete and that connection to the grid is expected in 5-7 weeks. The company continues to focus on renewable energy projects across Europe and Israel.

Positive

• Received final start-up certificate for the Talasol Project, enabling operations.
• Completion of construction is imminent, allowing for future revenue generation.
• 51% ownership in a significant 300 MW project enhances market position.

Negative

• None.

TEL AVIV, Israel, Sept. 24, 2020 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported that the photovoltaic plant constructed by Talasol Solar S.L., with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain (the "Talasol Project"), received the final start-up certificate ("Acta de puesta en servicio definitiva"), in accordance with Article 132 of Royal Decree 1955/2000 from the Administration. The start-up certificate is the last authorization required by the Administration from a permitting perspective for operation of the Talasol Project. Also, it enables Talasol to request the release of the grid bond, which Talasol expects to do in the coming days.

The Company owns 51% of Talasol Solar S.L.

Ran Fridrich, CEO and a board member of the Company, commented: "As of today, Talasol's construction is on the verge of completion and the operating permit has been obtained. This permit is the final permit issued by the government, and once obtained the guarantees provided upon receipt of the building permit will be released. The process of connection to the grid, which is expected to take between 5-7 weeks, is expected to commence shortly."

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

• Approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
• 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel's largest private power plants with production capacity of approximately 860MW, representing about 6%-8% of Israel's total current electricity consumption;
• 51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
• 100% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively;
• 75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other parties), which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including the impact of the Covid-19 pandemic on the Company's operations and projects, including in connection with steps taken by authorities in countries in which the Company operates, changes in the market price of electricity and in demand, regulatory changes, changes in the supply and prices of resources required for the operation of the Company's facilities (such as waste and natural gas) and in the price of oil, and technical and other disruptions in the operations or construction of the power plants owned by the Company. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: kaliaw@ellomay.com

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SOURCE Ellomay Capital Ltd

FAQ

What is the significance of the start-up certificate for Ellomay's Talasol Project?

The start-up certificate allows the Talasol Project to commence operations, marking a critical step in its development.

When will the Talasol Project be connected to the grid?

The connection to the grid is expected to begin in 5-7 weeks following the receipt of the start-up certificate.

What is the capacity of the Talasol photovoltaic plant?

The Talasol photovoltaic plant has a peak capacity of 300 MW.

What percentage of Talasol Solar S.L. does Ellomay own?

Ellomay Capital owns 51% of Talasol Solar S.L.

Where is Ellomay Capital focused in renewable energy?

Ellomay Capital focuses on renewable energy projects in Europe and Israel.